Market Recap – Pressure from banking group


▶ During Monday's trading session, the market continued to decline sharply with the banking group putting great pressure on the index.

▶ At the end, VN-Index decreased 10.42 points, equivalent to 0.95%, reaching 1,091.88 points; HNX-Index decreased 1.29 points (-0.57%), reaching 225.73 points. Market liquidity reached 14.73 trillion VND, equivalent to about 713 million shares traded. Foreign investors net sold 772 billion VND, focusing mainly on FUEVFVND and VNM.

▶ Technical perspective: The market continued to decline for most of the session, with prices closing at the lowest level showing almost no upward buying pressure. Currently, the market is still trading in the range of 1,080-1,130 since the beginning of November. We expect the market to recover when VNINDEX has returned to the support area below equivalent to 1,080. Thus, the main trend of VNINDEX is still goes sideways in amplitude. In the negative scenario, if VNINDEX breaks through the 1,080 area, there is a high possibility that the market will return to the 1,040 point area.

Diem Ngo

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